Choosing a Refinancing Program

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There are an enormous number of refinancing options available to borrowers. Call us at (209) 357-7000 and we'll help you qualify for the best loan program to fit your situation. There are some general questions to ask yourself while you look at your options.

Lowering Your Payments

Is your refinance primarily to lower your rate and monthly payments? If so, getting a low, fixed-rate loan could be a wise option for you. Perhaps you are currently in a mortgage loan with a high, fixed interest rate, or a mortgage loan with which the rate of interest varies - an adjustable rate mortgage (ARM). Even when rates come up later, unlike with your ARM, when you get a fixed rate mortgage, you lock in that low interest rate for the term of your mortgage. This is especially a wise choice if you don't expect to sell your home within the next 5 years or so. However, an ARM with a low initial payment may be a smarter way to reduce your monthly payments if you expect to move in the next few years.

Refinancing to Cash Out

Are you planning to cash out some of your equity in your refinance? Perhaps you're planning a special vacation; you have to pay tuition for your college-bound child; or you are planning some home improvements. So you want to find a loan for more than the remaining balance of your present mortgage loan.With this goal, you'll want to find a loan program for a higher amount than the balance remaining on your present mortgage loan. However, if your interest rate is currently high and you've held it for quite a few years, you may be able to achieve your goals without a rise in your mortgage payment.

Do you want to pull out some of your equity to pay off other credit cards? Yes you can! If you have built up some equity, taking care of other debt with higher interest rates that your home loan (credit cards or home equity loans, for example) might be able to save you a lot of money every month.

Building up Equity More Quickly

Are you dreaming of paying off your loan more quickly, while beefing up your equity quicker? If this is your goal, the refinance mortgage can switch you to a loan program with a shorter term, for example: a 15 year loan. Even though your monthly payments will likely be increased, you can be paying less interest; so your equity will build up faster. However, if you have had your current 30-year mortgage for a number of years and the remaining balance is rather low, you might be able to do this without increasing your mortgage payment — it's even possible to save! To help you determine your options and the multiple benefits in refinancing, please contact us at (209) 357-7000. We are here for you.

Curious about refinancing? Give us a call at (209) 357-7000.

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